Pubic Powers Were No Longer Needed Once the Philosophy of Privatism

question 13

True/False

Pubic powers were no longer needed once the philosophy of privatism was implemented

Understand the definitions and distinctions between current and long-term liabilities.

Identify and categorize different types of liabilities, such as known obligations, estimated liabilities, and contingencies.

Record and report long-term liabilities and their division between current and noncurrent sections on the balance sheet.

Understand the procedures for estimating liabilities and making necessary journal entries for estimated liabilities.

---

Definitions:

Sarbanes-Oxley Act

A U.S. law enacted to protect investors by improving the accuracy and reliability of corporate disclosures.

Chief Financial Officers

Senior executives responsible for managing the financial actions of a company, including financial planning, risk management, and reporting.

Certify Accuracy

To officially affirm or validate the truthfulness and correctness of information or data.

Sarbanes-Oxley Act

A federal law established in the United States in 2002 that aims to safeguard investors through the enhancement of the precision and dependability of company reports.